Spotify's Q2 Margin Gains, Record Free Cash Flow And Strong Subscriber Growth Highlight Successful Execution In Music And Podcasts: JP Morgan Analyst
Spotify's Q2 Margin Gains, Record Free Cash Flow And Strong Subscriber Growth Highlight Successful Execution In Music And Podcasts: JP Morgan Analyst
JP Morgan analyst Doug Anmuth maintained an Overweight rating on Spotify Technology (NYSE:SPOT).
JP Morgan分析师Doug Anmuth维持对Spotify Technology（纽交所：SPOT）股票的增持评级。
Spotify reported fiscal second-quarter 2024 revenue growth of 20% year-on-year to $4.099 billion, missing the analyst consensus of $4.170 billion. EPS of $1.43 beat the consensus estimate of $1.15.
Spotify报告2024财年第二季度营业收入同比增长20％至40.99亿美元，未达到分析师预期的41.7亿美元。每股收益为1.43美元，超出分析师预期的1.15美元。
Spotify continues to execute well and drive meaningful profit improvements across music, podcasts, and other revenue costs, the analyst said, citing the gross and operating margin guide for the third quarter hitting the low end of the company's medium-term financial targets.
该分析师称Spotify在音乐、播客和其他营收成本方面继续出色地执行并实现了有意义的利润改善，称该公司第三季度的毛利率和营业利润率指南达到公司中期财务目标的低端水平。
Spotify guided third-quarter gross margin of 30.2%, well above JP Morgan's estimate and consensus at 28.6%, Anmuth said.
Anmuth称，Spotify第三季度的毛利率为30.2％，远高于JP Morgan估计和共识的28.6％。
The third-quarter operating income guide of 405 million euros was significantly above JP Morgan's estimate and consensus of 281 million euros and 298 million euros.
第三季度营业收入指南为4,050万欧元，显著高于JP Morgan预估和共识的2,810万欧元和2,980万欧元。
Anmuth expects the strength in the margins to drive near-term strength in shares.
Anmuth预计较强的利润率将推动股价在近期表现强劲。
Anmuth said Spotify's second-quarter free cash flow of 490 million euros was above JP Morgan's estimate and consensus of 215 million euros and 336 million euros and was its highest quarterly free cash flow ever.
Anmuth表示，Spotify第二季度自由现金流为4,900万欧元，高于JP Morgan的预估和共识，分别为2,150万欧元和3,360万欧元，并且是其有史以来季度自由现金流最高的。
The analyst noted that MAUs grew across all geographies, led by the Rest of the World and Europe, and Spotify continues to recalibrate marketing activities.
该分析师指出，MAU在所有地理区域都有所增长，其中包括亚洲和欧洲，Spotify继续重新调整其市场营销活动。
Premium subscribers grew across all regions, led by North America and Europe, along with strong promo campaign intake.
付费订阅用户在所有地区都有所增长，其中以北美和欧洲为主，并获得了强大的促销活动收益。
On the earnings call, Anmuth will seek updates on drivers of gross margin, operating income, and free cash flow in 2024, second-half MAU and premium subscriber net adds, early impact of U.S. price increase and cadence of international price increases, plan tiering and podcast growth and gross margins.
在业绩会上，Anmuth将寻求关于2024年毛利率、营业利润和自由现金流驱动因素、下半年MAU和付费订阅者净增、美国价格上涨的早期影响以及国际价格上涨的步频、计划分层和播客增长和毛利率方面的更新。
Price action: SPOT shares closed higher by 12% at $330.79 on Tuesday.
股票价格为：SPOt股票周二收盘上涨12％，为每股330.79美元。
Photo by esthermm on Shutterstock
Shutterstock上的esthermm拍摄的照片。